Wall Street leader Simpson Thacher & Bartlett has converted to a limited liability partnership (LLP), becoming one of the last major New York firms to cap its partners’ exposure to negligence claims.

The change in partnership status, which was finalised last week, will give the firm the cover of a single New York LLP – bringing the white shoe firm into line with rivals Sullivan & Cromwell and Cravath Swaine & Moore, which both converted earlier this year.